Documents are indispensable to businesses – commercial relationships and even day-to-day business functions are built on good, clean documentation.
Teams are deeply involved in day-to-day business challenges and unstructured documents can hamper productivity, speed & efficiency.
Creating & processing documents manually can often get monotonous & demands a lot of time & attention, without which they are prone to errors..
Technology provides businesses with an effective solution to overcome the many challenges synonymous with document processing. AI can make a huge impact on how enterprises run their document management processes. Gartner predicts a 75% increase in enterprise-wide AI implementation by the end of 2024.
AI-enabled generation, authentication & verification form an integral part of holistic document automation, a new-age tool helping businesses to drive productivity & ROI.
How AI Transforms Document Management
Artificial Intelligence (AI) stands out among emerging technologies,, offering businesses an edge in the way they create, execute & manage documents.
According to surveys, AI has had a positive impact on revenue generation & expense reduction in over 70% of businesses. Additionally, 76% of businesses report that document processing is the most useful way AI is helping them.
By equipping contracting & onboarding procedures with AI capabilities, businesses can drive automation in crucial processes.
What Is Document Process Automation?
Document process automation, as the name suggests, drives AI-enabled automation workflows & technologies into electronic documents. It incorporates logical systems that utilize pre-existing data to assemble new documents.
By automating contract processes, businesses can see a significant reduction in the time they spend on data entry & proofreading their numerous documents on a daily basis. In addition, AI-powered document processes can greatly reduce risks associated with human errors.
Emerging Trends in Document Automation
Some of the emerging technologies in AI bring with them several capabilities that can meet modern documentation needs.
- Dynamic Documents: Interactive e-documents feature smart functionalities that allow users to engage with documents more conveniently. Dynamic contracts have spaces for signatures, time stamps, navigational buttons, redirecting hyperlinks, as well as images, audio & video embedded in them.
These features can make it easier for users to work on digital documents & make them a quicker way for employees & customers to interact on business documents.
- Smart Document Analysis: This technology uses several document understanding techniques to extract insights from unstructured data. The technology is beneficial for deleting duplicate text, routing documents to relevant teams, etc., which can make document management easier for businesses.
Teams can focus their time on other tasks as smart document analysis techniques help reduce the time & resources required.
- Intelligent Process Automation: Intelligent process automation or IPA is ideal for automating complex variable processes. Businesses can use this scalable technology to identify the due dates for payments & automate generating & reminders for customers & partner businesses.
Top Three Ways Businesses Leverage Document Automation
- Document Validation: Companies are required to verify documents like IDs before onboarding clients or customers. AI-powered digital KYC helps businesses verify these documents online in real time & scale up onboarding processes.
- Document Execution: Document process management solutions offer e-signature & e-stamping facilities that enable businesses to execute their documents digitally. Documents are executed en masse, enabling cost-effective growth for businesses.
- Document & Contract Management: Manage contracts end-to-end with contract lifecycle management ( CLM ). It enables enterprises to automate the contracting process right from initiation to the final approval and execution. With contr.act, you can draft, negotiate, and execute in real-time and cut TAT from days to minutes.
Three Ways To Drive Revenue With AI-Powered Document Automation
Here is how leveraging AI for their document-driven processes assists businesses to promote revenue growth:
- Detecting fraud in real-time while onboarding clients/customers through digital onboarding to mitigate financial losses.
- Making rational estimates from a contract’s performance using Contract Lifecycle Management to boost company profits.
- Providing a more tailored client experience with eNACH automated payment cycles & remote KYC to enhance customer retention.
Document Automation For Industry Sectors
Document automation processes can help various industry segments create & manage their documents efficiently. Some of the industries that can benefit significantly from automation include:
- BFSI: Financial institutions such as banks & NBFCs need to generate multiple contracts, verify customer’ details & collect debit payments on a regular basis. Automation can streamline & simplify all these processes that are key for BFSI business operations.
These companies can make use of document automation techniques for their digital KYC, eStamp, eSign & eNACH mandate requirements.
- Retail: The retail industry is dependent on vendors, suppliers, distributors, etc., to procure & ship their products. This requires them to enter into several contracts & AI helps automate their administration from generation up to termination/renewal.
Smart contract management software is embedded with eStamping & eSignature integrations, document templates & automated reminder facilities that streamline contract operations for retailers.
- Healthcare: Healthcare document workflows rely on fast & accurate methods to create & execute contracts. AI helps automate healthcare documents from start to finish, enabling quick implementations.
eSignatures & digital stamping enables fraud-free healthcare insurance document execution, while CLM manages healthcare contracts at each of their stages.
- Gaming: KYC detail verification of new users on gaming platforms & subscription payments are processes that can be automated using AI techniques. Platforms can verify details of their users remotely & also offer them an automated payment module to enhance customer experience.
- Crypto: Crypto businesses can steer clear of fraud & risks by utilizing AI-powered user detail verification systems. They can make use of electronic mandates to automate payment cycles for SIPs to make the user experience more convenient.
Enterprise-ready AI solutions for document processing & management can change the way businesses deal with their documents. AI-driven document processing solutions are designed to be easily integrated into companies’ contract process flows, enabling seamless document management.
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